I believe that Rich is correct on both counts. Looking back at the sales we saw in 2016 and perhaps the first half of 2017 -- we saw crazy speculation and manipulation of the market. We saw a Franken Rindt sell for around $60,000; we saw a Solunagraph in the $50,000 range . . . and the list goes on and on. Some of these were not real sales; but that's another story for another day. Some were manipulation, by people who wanted to see the prices go up for the sake of going up.

Looking at the real sales that actually occurred, the number of vintage Heuer chronographs that sold north of the $100,000 level was very small. Looking only at the public auctions, we can probably count these watches on two hands. So there never really was a market for $200,000 Autavias . . . just a couple of sales.

Turning to the situation today, I have the same observation as Rich -- daily email and DM messages from smart collectors looking at the vintage Heuer chronographs. One day at a time, we are "making vintage Heuer great again." Of course, the watches have always been great . . . it's just the market that got a little messed up. It seems that the watches are becoming cool again.

And as I observed in my year-end posting, if the market for the best vintage Heuers resides in the $50,000 to $75,000 to $100,000 range and can achieve some "depth" and predictability, that will be OK with me.

Wishing everyone a great weekend.